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On December 20, 2019, the SECURE Act was signed into federal law. This Act allows 529 Plan account owners to withdraw assets without adverse federal income tax consequences to pay for certain apprenticeship programs and/or to pay principal and interest on qualified higher education loans for the account beneficiary or any of the beneficiary's siblings. The loan repayment provisions apply to repayments up to a lifetime maximum of $10,000 per individual.

The Kentucky General Assembly is presently considering legislation that would apply the aforementioned tax advantages for Kentucky state income tax purposes as well. As with any change to law, we encourage account owners to consult a qualified tax advisor regarding the application of federal and state tax laws to their particular situation.

If you have questions about the KY Saves 529 Plan, you can reach our Customer Service team by phone at 877.598.7878, Monday through Friday from 8 a.m. to 8 p.m., Eastern Time.

For more information about the Kentucky Educational Savings Plan Trust (KY Saves 529), call 877-598-7878 or visit www.kysaves.com to obtain a Program Description, which includes investment objectives, risks, charges, expenses, and other important information. Read and consider it carefully before investing.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

KY Saves 529 is administered by the Kentucky Higher Education Assistance Authority. Ascensus College Savings Recordkeeping Services, LLC, is the Program Manager. The Program Manager and its affiliates have overall responsibility for the program’s day-to-day operations, including investment advisory services, recordkeeping, and administrative services.

Investment returns will vary depending upon the performance of the Investment Options you choose. Except to the extent of FDIC insurance available for the Capital Preservation Option, depending on market conditions, you could lose all or a portion of your money by investing in KY Saves 529. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.

 

SECURE Act impacts 529 benefits  Learn More

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